MOSUL TIME RADIO
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, revealed a plan to dispense with importing gas from neighboring countries, while setting two goals behind investing in oil fields and doubling production .
Saleh said, “Iraq’s share of crude oil production remained at its maximum capacity at about 4 million barrels per day,” noting, “This limitation in production came due to the country’s loss of opportunities to develop its oil fields as a result of the wars and conflicts that occurred during the last forty years .”
He added, “The country lost the optimal share in the global oil markets as a result of the decline in the development of oil fields and its restriction to a fixed production ceiling that is not commensurate with the oil wealth and proven reserves of oil reserves, the development of which has faltered for the purposes of raising production levels over the last four decades .”
He pointed out, “Iraq was supposed to produce at least 12 million barrels per day of crude oil to become the world’s first exporter,” warning that “the disruption of exploration and development activities for oil fields during the last four decades represents a loss in investment opportunities in oil fields, as Iraq’s natural share and rights in the oil market went to other OPEC countries, especially when sharing production quotas .
He stated, “The current oil production, the quantities of associated gas that are invested, the policy of zeroing out its burning during the year 2028, and directing it, after processing, in the interest of operating gas electricity plants, are all matters that will undoubtedly replace the need to import gas from neighboring countries, but the quantities invested of gas associated with oil production remain within production limits.” “Electricity at its maximum capacity from gas power generation stations according to its current capacity, which is estimated at 25 thousand megawatts .”
He added, “The goal of producing 50,000 megawatts of electricity to sustain the continuous supply of electrical energy will put us in front of two options: either continuing to import gas from outside the country, or investing in oil fields and doubling crude production in a manner of no less than 8 million barrels of oil per day, so that the gas associated with production is available.” “Electricity is in accordance with the production capacities targeted to be reached by the end of the current decade of about 50 thousand megawatts or more .”
He added, “Investing in oil fields and doubling production will lead to achieving two positive goals: the first is increasing export capacity to world markets and achieving financial returns commensurate with the need for economic growth and financing development, and the second is doubling the quantities of difficult-to-use gas for the purposes of using it as an input for generating electric power at the target level of 80%.” 50 thousand megawatts or more after 2028. ”
He continued, “The markets’ need for crude oil will continue to rise until the year 2060, in addition to the need of the major Asian economies (India and China) for crude oil. They are important trading partners and import two-thirds of Iraq’s oil exports .”
He continued, “Many oil fields in oil production areas in the world have reached a level of production called (marginal production), meaning that oil revenues do not cover production costs except at high prices per barrel of oil, but with the exception of Iraqi oil, the production costs per barrel of crude oil It is the lowest in the world of the extractive oil industry, and it is a comparative advantage that Iraq enjoys compared to many countries producing crude oil in the world, and it encourages maximizing production to reach the higher levels required by Iraq’s development renaissance in the future.”
